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$1 million and one acre can definitely be done in very good locations.
And, of course, it is about setting. A quarter acre can be private. An acre can be very exposed.
The folks with $300,000 budgets and large lot desires tend to have to move out farther.
I may be making a false assumption, but I'm guessing that 1M budget is thanks to a hefty down payment funded by CA real estate equity.
My personal advice and I'm far from a financial advisor (lol), diversify. Don't spend up to 1M cause you can, put some of that money elsewhere. The real estate market here isn't like California. It is not a sure shot and is more affected by downturns.
I may be making a false assumption, but I'm guessing that 1M budget is thanks to a hefty down payment funded by CA real estate equity.
My personal advice and I'm far from a financial advisor (lol), diversify. Don't spend up to 1M cause you can, put some of that money elsewhere. The real estate market here isn't like California. It is not a sure shot and is more affected by downturns.
We lived in Los Angeles when it was reasonable.
With the stupid spending on criminals and illegal aliens along with the deterioration of good weather, CA may crash sooner than later.
It's also time for another major earthquake according to some seismologists. We went through the 1971 quake in the Los Angeles area. A new hospital in the San Fernando valley built to the highest earthquake standards was shattered.
San Francisco may be brought to its knees again.
If I were Trump, I'd offer to sell CA back to Mexico.
Location: Chapel Hill, NC, formerly NoVA and Phila
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I agree with Poppydog that when you start getting into those neighborhoods with large acreage lots, that the kids aren't congregating outside and playing as much as if they are on smaller lots. It doesn't need to be postage stamp sized lots, but I think neighborhoods with homes on lots from maybe 1/4-1/2 acre in size along with a community pool may be your best bet.
I had a friend who lived in a neighborhood of 1 acre lots (not around here) and her neighborhood was absolutely beautiful. But every time we went over there, it was a ghost town. I never saw kids playing outside when I visited. They ended up moving to a more modest neighborhood with smaller lot sizes, and there were kids playing outside and congregating at each others' houses very often. They were much happier.
I think as you drive around different neighborhoods, particularly in the springtime, you will see which ones have lots of kids playing outside. Good luck.
I will chime in. We thought we wanted an acre when we were looking to upgrade last year but wound up on 1/3 of one and it's perfect. We back up to a park and the neighborhood is full of young families so our son has built-in friends. I would actually recommend something many will detest here but I'd look for a neighborhood with a HOA and a community pool or at least join one of the community pools in the area. It's a great way to meet people and you can generally BYOB and grill out and spend the entire summer there. I know you're coming from a warm climate but August here is very miserable unless you're in the water. We were also staunchly anti-HOA too but love that we wound up in one.
I'd check either Chapel Hill or North Raleigh. North Raleigh would be great for your space requirements and being off 540 makes RTP an easier ride (though I'd highly recommend working adjusted hours if possible - like 730-4 or something - as 540/40 can be a mess during true rush hours).
Thanks for your replies. Budget is $1M, but preferably less. I guess there is a magic lot size range where kids and dogs can play in the back yard and still have friends in the neighborhood. We'd be willing to go a bit smaller on the lot to be in the best area for the boys.
I'll look into Chapel Hill a bit more.
One other question: Does anyone have experience with getting their kids into local charter schools such as Woods Charter in Chapel Hill? We're a few years away from our first entering kindergarten, but would love to get a sense of how difficult it is to gain admission...
Thank you!
You'll have a better chance of winning the actual lottery than winning the lottery to get your kids into Woods Charter. :-) OK, a bit of an exaggeration but not much. It's quite difficult to get a spot.
I'm also in biotech and currently work in the RTP area. We went on a house hunt last year where 1+ acres was one of our requirements. North Raleigh, particularly north of 540, has great neighborhoods with large lots.
Inside the city limits of Chapel Hill would be another option, though it will probably be the most expensive option and will be hard to find a full acre (great schools but there are pros and cons to being in arguably the top school district in the state, reasonable proximity to RTP, you pay a premium to be in CH and the taxes are high).
We opted for Chatham county just south of Chapel Hill (not far from where Woods Charter happens to be). You can find large lots, it's reasonably close to RTP, and the taxes are lower. The area is growing like crazy so I think there is a lot of potential for home appreciation over the next several years. The zoned schools are pretty good though we don't have direct experience with them yet (we're zoned for Harrison Elem, Pollard Middle, Northwood High...all 8s and 9s). I believe the schools in that area will continue to get better and better as the area is filling up with expensive housing--it's no secret that high socioeconomic status is correlated to high test scores. There are also plans to build a brand new elementary school in 2020, about the time your kids are heading to school. Our nextdoor neighbors are transplants from CA and say they're very happy with the move.
The units are small typically with at 2b +2bath, and the humble sibling of Oceanfront Dunescape Villas, and to be $30k-$50k savings is worth crossing the to ocean.
Originally about $80k when built, currently overpriced to me but the next recession will lower the prices.
These have always seemed understated and more prudent for a place that sits empty half the year.
Wait until you taste fried seafood NC's known for including blue-fin crab, flounder, shrimp, oysters, scallops, & many other fish.
You're not at Wahoo's Fish Taco anymore!
Last edited by architect77; 04-10-2017 at 08:22 PM..
I would take a look at Copperleaf in Cary. There are some beautiful custom homes on 1+ acre(s), a short distance to groceries, decent schools, and not too far from RTP.
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